Shanghai Sinotec (Group) Co., Ltd. announced a private placement of common shares for the gross proceeds of CNY 300 million on April 26, 2023. The issue price of this issue shall not be lower than 80% of the average stock price of the company in the 20 trading days prior to the pricing base date. The transaction has been approved in the Fourth Meeting of the Third Board of Directors to Issue Stocks and General Meeting of Shareholders.

The validity period starts from the date of approval at the company's 2022 annual general meeting to the date of the 2023 annual general meeting.